Post Office Monthly Income Scheme or POMIS is amongst the most attractive investment options for regular post-retirement income. As the name suggests, POMIS is designed to offer guaranteed monthly returns. It is a low-risk scheme as the government backs it and, hence, suitable for conservative investors. 

Features of POMIS: 

1. Interest Rate: An annual interest rate of 7.4 per cent is offered under POMIS, which the subscriber receives monthly.

2. Investment Limits: The minimum investment is Rs 1,000, and the maximum for a single account is Rs 9 lakh and for a joint account is Rs 15 lakh, shared by the subscribers equally.

3. Tenure: The maturity period for POMIS is five years, after which the invested amount is returned. The account can also be transferred from one post office to another.

Also Read: Mastering SMART Financial Goals For A Secure Retirement: 5 Things To Consider 

Process of Enrollment: 

1. Eligibility: Every resident Indian with a sound mind above 10 years of age can open a POMIS account in their name. For minors, it can be maintained by a guardian till the minor attains majority.

2. Opening of Accounts: The POMIS account can be opened at any post office by submitting the relevant forms and documents. People can contribute to the account via cash or cheque. Nomination facilities are also provided while opening or after opening the account.

3. Documentation: For opening this account, one has to provide identification proof, address proof, and two passport-size photographs. 

4. Premature Withdrawal: The scheme allows premature withdrawal after a year and attracts a penalty of 2 per cent of the principal amount if it is closed before three years and 1 per cent if closed after that but before maturity.

POMIS is ideal for retirees looking for secure, regular income with minimal risk. It is considered safe because the government backs it and carries a fixed interest rate. This interest is taxable and may bring down the net returns. The scheme provides no capital appreciation; hence, it is best suited for people seeking income instead of growth.